MIRA INFORM REPORT

 

 

Report Date :

18.09.2012

 

IDENTIFICATION DETAILS

 

Name :

KUBA MOTOR-ELEKTRONIK-TEKSTIL ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

 

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83422 Nolu Cad. No:14 Sehitkamil Gaziantep

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

16.01.2006

 

 

 

 

Com. Reg. No.:

27999

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Assembly and trade of motorcycle spare parts.  

 

 

 

 

No. of Employees :

96

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

Address is different from the address at your inquiry.

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

KUBA MOTOR-ELEKTRONIK-TEKSTIL ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83422 Nolu Cad. No:14 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 06 66

 

FAX NUMBER

:

90-342-357 06 20

 

WEB-ADDRESS

:

www.kubamotor.com

E-MAIL

:

info@kubamotor.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sehitkamil

TAX NO

:

5900460969

REGISTRATION NUMBER

:

27999

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

16.01.2006

ESTABLISHMENT GAZETTE DATE/NO

:

30.01.2006/6481

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.150.000

PAID-IN CAPITAL

:

TL   5.150.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

07.06.2007 (Commercial Gazette Date /Number 15.06.2007/ 6831)

Previous Registered Capital

:

TL 350.500

Changed On

:

26.05.2010 (Commercial Gazette Date /Number 03.06.2010/ 7577)

Previous Registered Capital

:

TL 760.000

Changed On

:

03.05.2011 (Commercial Gazette Date /Number 17.05.2011/ 7817)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

03.09.2012 (Commercial Gazette Date /Number 12.09.2012/ 8151)

Previous Address

:

Incilipinar Mah. Muammer Aksoy Bulvari  Yetkin Sekerci Ishani Alti  No:10/L Sehitkamil-Gaziantep

Changed On

:

05.09.2006 (Commercial Gazette Date /Number 13.12.2006/ 6703)

Previous Address

:

Kusget Ornek San Sitesi 8 Nolu Cad. No:19 Sehitkamil/Gaziantap

Changed On

:

13.12.2010 (Commercial Gazette Date /Number 22.12.2010/ 7713)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Bekir Mujdeci

82 %

Mulkiye Mujdeci

18 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Bekir Mujdeci                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Assembly and trade of motorcycle spare parts.  

 

NACE CODE

:

G .50.40

 

NUMBER OF EMPLOYEES

:

96

 

NET SALES

:

454.052 TL

(16.01-31.12.2006) 

5.321.173 TL

(2007) 

6.573.173 TL

(2008) 

11.451.449 TL

(2009) 

28.495.100 TL

(2010) 

55.070.421 TL

(2011) 

24.435.361 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

2.500.000 USD

(2008)

4.000.000 USD

(2009)

10.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

 

MERCHANDISE IMPORTED

:

Motorcycle spare parts

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-30.06.2012)

 

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83422 Nolu Cad. No:14 Sehitkamil  Gaziantep / Turkey

BRANCHES

:

Head Office/Workshop  :  4. Organize Sanayi Bolgesi 83422 Nolu Cad. No:14 Sehitkamil Gaziantep/Turkey

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gatem Branch

Turk Ekonomi Bankasi Sehitkamil Branch

Turkiye Finans Katilim Bankasi Suburcu Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

6.573.173

11.451.449

28.495.100

55.070.421

24.435.361

Profit (Loss) Before Tax

187.187

284.403

762.943

1.142.113

538.680

Stockholders' Equity

552.866

779.622

1.388.392

5.172.865

 

Total Assets

3.591.540

7.342.369

14.098.816

33.850.765

 

Current Assets

2.894.339

5.689.817

10.864.208

29.977.607

 

Non-Current Assets

697.201

1.652.552

3.234.608

3.873.158

 

Current Liabilities

3.038.674

6.562.747

8.717.493

24.093.194

 

Long-Term Liabilities

0

0

3.992.931

4.584.706

 

Gross Profit (loss)

595.817

793.101

2.598.328

8.428.665

3.089.552

Operating Profit (loss)

193.478

286.777

738.426

3.246.416

1.421.123

Net Profit (loss)

148.812

226.755

608.770

883.752

538.680

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:2.650.000 TL

Payment Due Date

:03.09.2012

 

 

Capitalization

Low

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Insufficient

 

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

Good Operating Profitability (01.01-30.06.2012)

Fair Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

2.894.339

0,81

5.689.817

0,77

10.864.208

0,77

29.977.607

0,89

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.702.978

0,47

881.369

0,12

3.914.549

0,28

566.514

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

372.909

0,10

2.453.082

0,33

3.029.511

0,21

16.066.286

0,47

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

745.150

0,21

2.002.815

0,27

326.578

0,02

4.441.183

0,13

Advances Given

0

0,00

0

0,00

3.593.570

0,25

8.879.745

0,26

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

73.302

0,02

352.551

0,05

0

0,00

23.879

0,00

NON-CURRENT ASSETS

697.201

0,19

1.652.552

0,23

3.234.608

0,23

3.873.158

0,11

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

381.888

0,11

1.423.392

0,19

3.234.608

0,23

3.859.437

0,11

Intangible Assets

315.313

0,09

229.160

0,03

0

0,00

13.721

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

3.591.540

1,00

7.342.369

1,00

14.098.816

1,00

33.850.765

1,00

CURRENT LIABILITIES

3.038.674

0,85

6.562.747

0,89

8.717.493

0,62

24.093.194

0,71

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

192.642

0,05

2.070.451

0,28

3.966.527

0,28

9.088.356

0,27

Accounts Payable

1.248.364

0,35

1.572.660

0,21

237.149

0,02

3.278.448

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

26.755

0,00

40.603

0,00

81.346

0,00

Advances from Customers

1.588.747

0,44

2.865.719

0,39

4.381.261

0,31

11.396.640

0,34

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

6.411

0,00

7.641

0,00

47.110

0,00

165.380

0,00

Provisions

2.510

0,00

19.521

0,00

44.843

0,00

83.024

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

3.992.931

0,28

4.584.706

0,14

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

2.634.706

0,08

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

1.382.931

0,10

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

2.610.000

0,19

1.950.000

0,06

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

552.866

0,15

779.622

0,11

1.388.392

0,10

5.172.865

0,15

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

350.500

0,10

350.500

0,05

760.000

0,05

2.500.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

53.554

0,01

202.367

0,03

19.622

0,00

20.392

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

1.768.721

0,05

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

148.812

0,04

226.755

0,03

608.770

0,04

883.752

0,03

TOTAL LIABILITIES AND EQUITY

3.591.540

1,00

7.342.369

1,00

14.098.816

1,00

33.850.765

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.  

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

6.573.173

1,00

11.451.449

1,00

28.495.100

1,00

55.070.421

1,00

24.435.361

1,00

Cost of Goods Sold

5.977.356

0,91

10.658.348

0,93

25.896.772

0,91

46.641.756

0,85

21.345.809

0,87

Gross Profit

595.817

0,09

793.101

0,07

2.598.328

0,09

8.428.665

0,15

3.089.552

0,13

Operating Expenses

402.339

0,06

506.324

0,04

1.859.902

0,07

5.182.249

0,09

1.668.429

0,07

Operating Profit

193.478

0,03

286.777

0,03

738.426

0,03

3.246.416

0,06

1.421.123

0,06

Other Income

2

0,00

7.570

0,00

32.438

0,00

38.608

0,00

401.732

0,02

Other Expenses

4.685

0,00

3.839

0,00

7.921

0,00

250.849

0,00

493.463

0,02

Financial Expenses

1.608

0,00

6.105

0,00

0

0,00

1.892.062

0,03

790.712

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

187.187

0,03

284.403

0,02

762.943

0,03

1.142.113

0,02

538.680

0,02

Tax Payable

38.375

0,01

57.648

0,01

154.173

0,01

258.361

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

148.812

0,02

226.755

0,02

608.770

0,02

883.752

0,02

538.680

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,95

0,87

1,25

1,24

Acid-Test Ratio

0,68

0,51

0,80

0,69

Cash Ratio

0,56

0,13

0,45

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,27

0,02

0,13

Short-term Receivable/Total Assets

0,10

0,33

0,21

0,47

Tangible Assets/Total Assets

0,11

0,19

0,23

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

8,02

5,32

79,30

10,50

Stockholders' Equity Turnover

11,89

14,69

20,52

10,65

Asset Turnover

1,83

1,56

2,02

1,63

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,15

0,11

0,10

0,15

Current Liabilities/Total Assets

0,85

0,89

0,62

0,71

Financial Leverage

0,85

0,89

0,90

0,85

Gearing Percentage

5,50

8,42

9,15

5,54

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,27

0,29

0,44

0,17

Operating Profit Margin

0,03

0,03

0,03

0,06

Net Profit Margin

0,02

0,02

0,02

0,02

Interest Cover

117,41

47,59

 

1,60

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

20,42

77,12

38,27

105,03

Average Payable Period (days)

75,19

53,12

22,52

25,30

WORKING CAPITAL

-144335,00

-872930,00

2146715,00

5884413,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.97

UK Pound

1

Rs.87.52

Euro

1

Rs.70.84

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.